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amounts paid on june 30 for a 1-year insurance policy is this a pre172paid expense 2 unearned revenue 3 accrued expense 4 accrued revenue or 5 none
recording and reporting stock transactions and cash dividends across two accounting cyclesdavis corporation was authorized to issue 100000 shares of
wyatt and truett formed a partnership investing 330000 and 110000 respectively determine their participation in the year3939s net income of 420000
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account elaborate and explain
began his business with equipment valued at 40000 and place 400000 in the business checking account what are the accounts
q advantages of weighted-averageweighted-average advantages because of the averaging process the effects of year-end buying or not buying is lessened
q advantages and disadvantages of lifolifo advantages a lifo reports both sales revenue and cost of goods sold in current dollars and b lower income
q advantages and disadvantages of fifofifo advantages a fifo is easy to apply b the assumed flow of costs habitually corresponds with the normal
q explain weighted-average inventoryweighted-average ensuing inventory is priced using a weighted-average unit cost in perpetual inventory procedure
q last-in first-out inventorylifo last-in first-out ending inventory contains of the oldest costs lifo presumes that the costs of the most recent
q first-in first-out inventoryfifo first-in first-out ending inventory contains of the most recent purchases fifo presumes that the costs of the
q learning objectives of inventory turnover ratio- net income for an accounting period depends straight on the valuation of ending inventory- if the
q explain inventory turnover ratioan important ratio for managers investors and creditors to consider when analyzing a companys inventory is the
terry dorsey started dorsey hardware a tiny hardware store two years ago and has struggled to make it successful the first year of operations
q steps used in retail inventory methodthe retail inventory method approximation the cost of the ending inventory by applying a costretail price
q describe retail inventory methodretail stores often use the retail inventory method to estimate ending inventory at times other than year-end
q explain about gross margin methodthe steps in computing ending inventory under the gross margin method are- estimate gross margin based on net
q example of lower-of-cost-or-market methoda company may perhaps apply lcm to each inventory item such as monopoly each inventory class such as games
q explain about lower-of-cost-or-market methodthe lower-of-cost-or-market lcm method is the inventory costing method that values inventory at the
example of net realizable valueto exemplify a necessary write-down in the cost of inventory presume that an automobile dealer has a demonstrator on
q what is net realizable valuecompanies must not carry goods in inventory at more than their net realizable value net realizable value is the
q departures from cost basis of inventory measurementin general companies must use historical cost to value inventories and cost of goods sold but
q balance of the merchandise inventory accountthe balance of the merchandise inventory account is a cost of the inventory that should be on hand this
q sales returns affect both revenues and cost of goodwhen a company sells merchandise to customers then it transfers the cost of the merchandise from
q change in accounting method for inventoryoccasionally companies vary inventory methods in spite of the principle of consistency improved financial